LIC New Office in GIFT City Signals a Series of Significant Developments

LIC New Office in GIFT City1

LIC New Office in GIFT City: The Life Insurance Corporation of India (LIC) is poised to inaugurate a new branch within the GIFT International Financial Services Centre in Gandhinagar, Gujarat, in the upcoming financial year. This strategic move is aligned with LIC’s overarching vision to augment its global business operations.

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In an exclusive interview with news agency PTI, LIC Chairman Siddhartha Mohanty confirmed the impending establishment of the branch in GIFT City, expressing confidence that it will materialize within the current financial year. This development underscores LIC’s unwavering commitment to extending its international footprint, capitalizing on the cutting-edge infrastructure and robust financial ecosystem offered by GIFT City.

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LIC New Office in GIFT City

Presently, LIC maintains a presence in 14 countries through diverse channels, including branch offices, subsidiaries, and joint ventures. The decision to establish an office in GIFT City is poised to catalyze further expansion in LIC’s foreign operations, granting the insurer access to a dynamic international financial landscape. This move aligns with the prevailing trend of financial institutions solidifying their presence in this International Financial Services Centre (IFSC), with GIFT City emerging as a focal point for major players in the financial sector.

In addition to the expansion announcement, LIC has made headlines by unveiling modifications to its operational framework. The insurer has now introduced the appointment of shareholders’ directors to its board, marking a significant shift in governance. This decision follows LIC’s successful initial public offering (IPO) last year, where the government raised Rs 20,557 crore by diluting its 3.5% stake in the insurance giant.

Life Insurance Corporation of India Regulations

The Life Insurance Corporation of India (Shareholders’ Director) Regulations, 2023, were officially disclosed on December 1, 2023, in accordance with LIC’s regulatory filing. According to these regulations, shareholders have the opportunity to propose the appointment of a shareholders’ director through a general meeting, provided that a minimum of one thousand shareholders or one-tenth of the total shareholder count, whichever is lower, support the nomination.

Once elected, the shareholders’ director will serve a four-year term, with the option for re-election and re-appointment for an additional four-year term. This strategic move is anticipated to foster greater inclusivity in LIC’s governance structure, empowering shareholders to play a more direct role in the company’s strategic decisions.

Despite a 1.47% dip in LIC’s shares, settling at ₹669.50 apiece on the National Stock Exchange (NSE) on Friday, the company has recorded a commendable 3% increase in the last year, demonstrating resilience in the face of a 6% decline in the current year.

GIFT International Financial Services Center

Located in Gandhinagar, Gujarat, GIFT International Financial Services Center (IFSC) stands as an important hub for global financial activities. Renowned for its state-of-the-art infrastructure and a strong financial ecosystem, GIFT City attracts key players seeking a strategic foothold in the financial sector.

LIC New Office in GIFT City1
LIC New Office in GIFT City

As an emerging international financial services hub, GIFT City has become a magnet for institutions looking to take advantage of its dynamic environment. The possibility of Life Insurance Corporation of India (LIC) setting up a new office within GIFT City further strengthens the importance of the centre, highlighting its appeal as a major destination for expanding international business operations.

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